As reported by the bank's press service, the bankruptcy commissioner of the unfinished Kaluga Cement Plant (KCP), which is pledged by VEB.RF, has put the plant up for auction.
The initial sale price is set at RUB 27.5 billion. The property complex includes land plots, technical infrastructure facilities, as well as movable and immovable property. The minimum price at which one can apply for its purchase is 17.9 billion rubles. Applications are accepted until September 18th.
"The sale of the property takes place within the framework of the bankruptcy procedure of the debtor, as well as a number of guarantors and pledgers on the VEB.RF loan, granted in 2011," explained VEB.RF.
The agreement on the construction of the KCP on the basis of the Kotor building limestone deposit was signed in 2010 between the regional government, the district administration and Kaluga Cement Plant company which was established in 2007. The plant was supposed to be commissioned in 2014 and produce 3.5 million tons of products per year. The total investment was announced at EUR 651.6 million. The plant was supposed to provide jobs for 400 people. However, the KCP was never completed. In 2018, OOO Kaluga Cement Plant was declared bankrupt.
“It is important for the economy of the Kaluga Region that the project has received a new development. The method of dry cement production incorporated in the project is the most modern technology that saves energy resources and increases productivity. The acquisition of the property complex by a specialized investor will allow completing the construction of the plant, launching production and creating new jobs,” stated Alexander Ivanov, managing director of the block for project management in real estate and work with VEB.RF assets (his words are quoted in the statement of the state corporation).
